Loans

Merchants Capital Arranges $17M HUD-Insured Loan for Refinancing of Multifamily Asset in Indiana

by Kristin Harlow December 17, 2020

WEST LAFAYETTE, IND. — Mortgage banking company Merchants Capital has arranged a $17 million HUD-insured loan for the refinancing of Trailside Flats in West Lafayette. Van Rooy Properties Inc. was the borrower that received the 35-year, nonrecourse loan through the HUD 223(f) program, which is used for the purchase or refinancing of multifamily properties. The 195-unit multifamily property is located at 2101 Country Squire Court. In 2017, Van Rooy acquired an existing multifamily property at the site and renovated it in addition to developing new buildings on vacant land. Amenities at the property include a pool, fitness center, coworking space, bocce ball court and coffee bar.

December 17, 2020

Loans Multifamily Seniors Housing Texas

Cushman & Wakefield Arranges Loan for Refinancing of Seniors Housing Property in San Antonio

by Taylor Williams December 17, 2020

SAN ANTONIO — Cushman & Wakefield has arranged a loan of an undisclosed amount for the refinancing of Franklin Park Alamo Heights, a 221-unit seniors housing community in San Antonio. Built in 2017 by locally based owner-operator Franklin Park, the property offers independent living, assisted living and memory care services. Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin of Cushman & Wakefield arranged the loan through an unnamed regional bank on behalf of Franklin Park.

December 17, 2020

Loans Maine Multifamily Northeast

Fantini & Gorga Arranges $7.5M Loan for Refinancing of Multifamily Asset in Auburn, Maine

by Taylor Williams December 17, 2020

AUBURN, MAINE — Boston-based mortgage banking firm Fantini & Gorga has arranged a $7.5 million loan for the refinancing of Auburn Mall Apartments, a 168-unit multifamily asset in Auburn, located north of Portland. The property was built in phases during the 1980s and features one- and two-bedroom units. Derek Coulombe and Ryan Maddaluna of Fantini & Gorga placed the debt on behalf of the undisclosed borrower, a Maine-based developer and investor. An agency lender provided the nonrecourse loan, which carried a sub-3-percent interest rate and a period of interest-only payments.

December 17, 2020

Alabama Development Loans Multifamily Southeast

Knighthead Funding Provides $27.3M Construction Loan for Multifamily Community in Metro Huntsville

by Alex Tostado December 16, 2020

MADISON, ALA. — Knighthead Funding LLC has provided a $27.3 million construction loan to Chase Creek Holdings for the development of The Views at Chase Creek in Madison . The non-recourse loan has a 24-month term. Upon completion, The Views at Chase Creek will offer 228 one-, two- and three-bedroom floor plans. The borrower/developer expects to deliver the property, which will comprise 10 two-story buildings, in the second quarter of 2022. Unit interiors will feature stainless steel appliances, stone finishes, walk-in closets and a washer and dryer. The Views at Chase Creek will be situated at 248 Old Glory Road, 13 miles west of downtown Huntsville.

December 16, 2020

Arizona California Industrial Loans Nevada Western

CBRE Arranges $69M in Financing for 1 MSF Industrial Portfolio in Southwest

by Amy Works December 16, 2020

LOS ANGELES — CBRE Capital Markets’ Debt & Structured Finance team has arranged $69 million for the recapitalization of a four-property industrial portfolio totaling 991,634 square feet across the southwestern United States. Shaun Moothart, Bruce Francis, Jennifer Ansari, Dana Summers, Bob Ybarra and Doug Birrell of CBRE secured the 20-year, 2.13 percent loan on behalf of the borrower, Moulton Co., a family-owned and operated private equity asset management firm based in Southern California. The portfolio consists of four core industrial assets: Harbor Gateway, located at 20100 S. Western Ave. in Torrance, Calif. Longley Commerce Center at 6550 Longley Lane in Reno, Nev. The Landing at PMG, located at 7613-7753 E. Ray Road in Mesa, Ariz. Northgate Distribution Center at 4800 E. Tropical Parkway in Las Vegas At the time of sale, all four facilities were fully leased.

December 16, 2020

Industrial Loans New York Northeast Self-Storage

Talonvest Arranges $59.5M Loan for Refinancing of Three Self-Storage Facilities in New York

by Taylor Williams December 16, 2020

OCEANSIDE, GARDEN CITY AND HEWLETT, N.Y. — Mortgage banking firm Talonvest Capital LLC has arranged a $59.5 million bridge loan for the refinancing of three self-storage facilities in New York. The newly constructed properties total 246,248 net rentable square feet and are located in the Long Island hamlets of Oceanside, Garden City and Hewlett. Utah-based REIT Extra Space Storage operates the properties. The nonrecourse loan featured a 48-month term with extension options and a loan-to-value ratio of 80 percent. The borrower was Illinois-based LSC Development. The direct lender was not disclosed.

December 16, 2020

Development Florida Loans Multifamily Southeast

Aztec Group Arranges $60.3M Construction Loan for Apartment Project in South Florida

by Alex Tostado December 15, 2020

DANIA BEACH, FLA. — Aztec Group has arranged a $60.3 million construction loan for Oasis Pointe, a planned 301-unit apartment community in Dania Beach. Cymbal Development received the non-recourse loan from 3650 REIT. The 42-month loan features a fixed interest rate at an 80 percent loan-to-cost ratio. The waterfront community will span 2.4 acres and include structured parking, a 19-slip boat club, waterfront boardwalk, butterfly and meditation gardens and a lap pool. The community will also include COVID-19 protocols, including fresh-air intake throughout the property to sterilize and purify the air. A timeline for completion was not disclosed. Jason Shapiro, Charles Penan and Joel Zusman of Aztec arranged the loan on behalf of the Miami-based developer. Michael Fleischer and Will Pierce of 3650 REIT originated the financing.

December 15, 2020

Loans Midwest Multifamily Wisconsin

NorthMarq Arranges $26.2M Loan for Recapitalization of Apartment Asset in Brookfield, Wisconsin

by Kristin Harlow December 15, 2020

BROOKFIELD, WIS. — NorthMarq has arranged $26.2 million in permanent debt for the recapitalization of Poplar Creek Club, a recently stabilized, 138-unit apartment property in Brookfield near Milwaukee. Brett Hood of NorthMarq arranged the Freddie Mac loan, which features a 10-year, fixed-rate term with five years of interest-only payments followed by a 30-year amortization schedule. Loan proceeds retired a $22.6 million construction loan. The borrower was undisclosed. The four-story property features a 143-space parking garage as well as a separate 4,544-square-foot retail building. Amenities include a clubhouse, fitness center, yoga studio, outdoor pool and sundeck.

December 15, 2020

Loans Midwest Multifamily Ohio

Pembrook Provides $17.7M Acquisition Loan for Multifamily Portfolio in Shaker Heights, Ohio

by Kristin Harlow December 15, 2020

SHAKER HEIGHTS, OHIO — Pembrook Capital Management LLC has provided a $17.7 million loan for the acquisition and renovation of a 275-unit multifamily portfolio in Shaker Heights, an inner-ring suburb of Cleveland. The properties include Colton House, Golfview, Fairway-Marchmont Terrace, Aristocrat and Moreland Manor. The borrower, Significan Lifestyle Communities, is known for its unique property management method whereby tenants enter into membership agreements as opposed to leases and pay membership fees instead of rent. Members are invited to personalize their homes through a selection of custom paint colors and other upgrade choices. The seller was undisclosed.

December 15, 2020

Affordable Housing Loans Midwest Multifamily Wisconsin

Merchants Capital Secures $6.5M in Financing for Affordable Housing Property Under Construction in Wisconsin

by Kristin Harlow December 15, 2020

MARINETTE, WIS. — Mortgage banking company Merchants Capital has secured $6.5 million in financing for Trolley Station Terrace, a 45-unit affordable housing property under construction in Northeast Wisconsin’s Marinette. Of the total financing, $1.8 million is a rural development loan and $4.7 million is a low-income housing tax credit bridge loan. Nonprofit developer Newcap Inc. is developing the project. Of the property’s 45 units, 38 will be reserved for renters who earn up to 60 percent of area median income. There will also be units designated as supportive housing for local veterans. Construction began in August and is scheduled for completion in August 2021. The three-story project will be situated on 2.5 acres at 153 Main St.

December 15, 2020

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